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...Rising grain prices. In response to the lower U.S. crop forecasts and early Soviet buys, grain and meat prices on the nation's futures markets are continuing to climb. Quotations for wheat and corn last week rose 5%; hog futures, a prime indicator of the anticipated price of corn, hit a record $1.05 per Ib. Agriculture Department experts think American farmers are holding some crops in storage waiting for still higher quotes, and these experts hope that release of the food will push prices down later this year. Meanwhile, though, retail food prices in June rose at an annual...
From coast to coast, the summer sun is ripening record harvests of wheat, corn, oranges, apples, but, as any American housewife knows only too well, the price for those harvests is inexorably climbing. Overall, the price of food rose 1.2% during July, the government announced last week, pushing the Wholesale Price Index up at a stunning rate (see ECONOMY & BUSINESS). Beans, lettuce and other fresh vegetables were up 12% in some areas, while the overall increase in farm products, including hogs and poultry, was 6.6%. The reasons for these increases were intricate, but many Americans focused their anxiety and anger...
...cult that plays footsie with Satan dress up in hooded sheets and build a bonfire near a gnarled old tree. Then they get right down to business and sacrifice a victim. This gives the boys across the ravine-Fonda and Gates-a mighty eyeful and a good scare. They climb back aboard their $36,000 motor home and hightail it out of there, accompanied by their anxious spouses (Loretta Swit and Lara Parker) and a nervous dog (Ginger) and pursued by the entire coven...
...little cheering over last month's report that the unemployment rate had finally dropped, from 9.2% in May to 8.6% in June. The Government labeled the decline a fluke, distorted by imprecise measurements of the number of students entering the job market; experts unanimously predicted a new climb in joblessness during July. Instead, the Labor Department reported last week that the July rate dropped further, to 8.4%, and this time it said that the figure was as exact as statistical techniques can make it. Surprised Administration economists still think the rate might go up again in August; but even...
...members of TIME'S Board of Economists, believe a faster money expansion is needed to hold interest rates steady, speed up production and bring joblessness down more swiftly. If interest rates continue rising, Burns and the Reserve Board will be faced with a wrenching choice: let the climb continue, which Burns maintains he does not desire, or permit a growth in money supply beyond the present target, a course that Burns deeply fears would be inflationary...